Bulelwa Gwagwa, the KwaZulu-Natal manager of the fund, told about 300 business people at the launch in Durban last week that the fund has already, in its first phase of operation, committed more than R200-million to over 1 300 companies in the country.

Gwagwa said the increasing economic activity in the province had necessitated the introduction of incentives, such as those offered by the Competitiveness Fund, to ensure that companies can compete in the global economy.

Tumelo Chipfupa, the fund’s chief director, said the government had “realised that South African firms needed special assistance and support for their products and services in the context of international competition”.